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Why is homeowners Insurance important?

Home insurance gives you financial protection against unforseen events inside your home. Typical standard homeowners insurance provides you four areas of coverage:

Structure of Your House
Standard Home insurance policies are fairly self-explanatory in that it pays to repair or rebuild your home for insurance disasters such as fire or any other disaster covered by your policy. General wear and tear is not covered, but detatched structures such as tool sheds and garages are covered. Flood and earthquake damage are not part of standard home owners insurance and require separate policies.

Your Belongings This aspect of home insurance covers your belongings – furniture, clothes and other personal items in the event they are stolen or destroyed by disaster. One interesting feature of personal belongings coverage is your belongings are also covered off-premises anywhere in the world.

Liability and Expenses Liability protects you against legal action for personal injury or property damage caused by your household. The liability aspect of home insurance also provides no-fault medical coverage in case someone is injured in your home.

Additional Living Expenses What happens if your home if affected by a disaster such as a fire or a major storm? Where will you stay? This aspect of home insurance pays your expenses while living away from your home while it is being repaired. Covered expenses include hotels, meals and other living expenses.

Earthquake (optional) This provides coverage for damage to your building and contents resulting from an earthquake, there is usually a deductible. This deductible is apercentage of the total amount claimed rather then a flat amount. If you choose not to take earthquake coverage, you will not be covered for claims that arise from an earthquake.